Rafferty Asset Management LLC Has $9.90 Million Stock Holdings in Madrigal Pharmaceuticals, Inc. $MDGL

Key Points

• Rafferty Asset Management LLC reduced its stake in Madrigal Pharmaceuticals by 9.7%, owning 29,902 shares worth approximately $9.9 million after selling 3,221 shares in the first quarter.
• Several institutional investors, including CANADA LIFE ASSURANCE Co and Tudor Investment Corp ET AL, have significantly increased their stakes, with Tudor's holdings rising by 837.6%.
• Madrigal Pharmaceuticals recently reported earnings that beat consensus expectations, with revenue increasing by 1357.5% year-over-year and a reported quarterly EPS of ($1.90).

Rafferty Asset Management LLC lessened its stake in Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL - Free Report) by 9.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,902 shares of the biopharmaceutical company's stock after selling 3,221 shares during the quarter. Rafferty Asset Management LLC owned 0.13% of Madrigal Pharmaceuticals worth $9,904,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in MDGL. VSM Wealth Advisory LLC acquired a new position in Madrigal Pharmaceuticals during the first quarter worth $25,000. Accent Capital Management LLC bought a new position in shares of Madrigal Pharmaceuticals in the first quarter valued at about $25,000. Summit Securities Group LLC bought a new position in shares of Madrigal Pharmaceuticals in the first quarter valued at about $33,000. Farther Finance Advisors LLC raised its position in shares of Madrigal Pharmaceuticals by 825.0% in the first quarter. Farther Finance Advisors LLC now owns 111 shares of the biopharmaceutical company's stock valued at $36,000 after purchasing an additional 99 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Madrigal Pharmaceuticals by 131.4% in the first quarter. GAMMA Investing LLC now owns 118 shares of the biopharmaceutical company's stock valued at $39,000 after purchasing an additional 67 shares during the period. Institutional investors and hedge funds own 98.50% of the company's stock.

Insider Transactions at Madrigal Pharmaceuticals

In other news, Director Bros. Advisors Lp Baker bought 68,618 shares of the firm's stock in a transaction on Monday, August 18th. The shares were purchased at an average cost of $364.04 per share, with a total value of $24,979,696.72. Following the acquisition, the director directly owned 1,859,091 shares in the company, valued at $676,783,487.64. This represents a 3.83% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William John Sibold sold 7,616 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $400.18, for a total transaction of $3,047,770.88. Following the completion of the transaction, the chief executive officer directly owned 109,753 shares in the company, valued at approximately $43,920,955.54. This represents a 6.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 165,683 shares of company stock worth $61,921,142 and sold 301,740 shares worth $109,461,331. 21.50% of the stock is owned by corporate insiders.

Madrigal Pharmaceuticals Price Performance

MDGL stock traded up $0.68 during mid-day trading on Friday, hitting $437.85. The stock had a trading volume of 304,210 shares, compared to its average volume of 456,525. The company has a current ratio of 5.11, a quick ratio of 4.78 and a debt-to-equity ratio of 0.17. Madrigal Pharmaceuticals, Inc. has a 52 week low of $200.63 and a 52 week high of $439.00. The firm has a market capitalization of $9.72 billion, a P/E ratio of -34.07 and a beta of -1.02. The firm has a fifty day simple moving average of $335.47 and a 200 day simple moving average of $319.81.

Madrigal Pharmaceuticals (NASDAQ:MDGL - Get Free Report) last released its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($1.90) EPS for the quarter, beating the consensus estimate of ($3.48) by $1.58. Madrigal Pharmaceuticals had a negative net margin of 54.68% and a negative return on equity of 38.38%. The firm had revenue of $212.80 million for the quarter, compared to analyst estimates of $158.94 million. During the same period last year, the firm earned ($7.10) EPS. The business's quarterly revenue was up 1357.5% compared to the same quarter last year. As a group, research analysts forecast that Madrigal Pharmaceuticals, Inc. will post -23.47 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Canaccord Genuity Group increased their price objective on Madrigal Pharmaceuticals from $420.00 to $428.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Wall Street Zen raised shares of Madrigal Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, May 5th. UBS Group reaffirmed a "buy" rating and set a $523.00 price target (up from $458.00) on shares of Madrigal Pharmaceuticals in a research report on Tuesday, August 12th. TD Cowen raised their price target on shares of Madrigal Pharmaceuticals from $390.00 to $554.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, B. Riley reaffirmed a "buy" rating and set a $460.00 price target (up from $422.00) on shares of Madrigal Pharmaceuticals in a research report on Friday, May 2nd. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Madrigal Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $459.25.

Madrigal Pharmaceuticals Company Profile

Madrigal Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of non-alcoholic steatohepatitis (NASH) in the United States. Its lead product candidate is resmetirom, a liver-directed thyroid hormone receptor beta agonist, which is in Phase 3 clinical trials for treating NASH.